A Retirement plan is something that you should start pondering long before you actually retire. This is true that the plan is surrounded by so many uncertainties. If you are in your 30s or even 40s and you plan to retire in a conventional age bracket of 60 then you must be worried for many reasons. The fast-paced world and its changing needs are making it difficult to make a decision about your finances. What you may need a decade or two decades later is not easy to predict. Besides, you also do not know the health and the economic condition that you will encounter later, let alone the effects of changing technology. The technological aspect is also making it uncertain how much value you must save and under which head of an account. Still, you are supposed to seek ways to reach a rather secure retirement plan.
You should be, to a great extent, certain of a life that allows you to afford all your necessities. Besides, we want to have a fulfilling life rather than a life of constant financial struggle. We have, for you, few unusual tips that you must consider while planning your retirement. Also, uncertainties are not always bad, there may be very beautiful uncertainties in life so never be afraid of an upcoming change.
TIP ZERO- Your mental health: First things first, before getting straight to the finance management issue we want to emphasize the importance of sound mental health and stress and anxiety-free life. You must plan all your life major phases but must not be overwhelmed by the stress of perfect management. This is very important because years of stress and anxiety over planning your retirement may make you prone to many mental health issues.
Go easy on yourself, avoid your anxiousness revolving around having a pre-planned life at every phase. Here the point is that you should take care of your mental health so that you might not end up adding medical bills for seeking mental comfort. Reach your retirement age with a sound physical and mental condition and physical condition and the rest can be managed always.
TIP 1- Passive income resource: You must not estimate any amount to allocate to a certain expense without making a realistic analysis. Plan for a passive income resource. You will find so many tips from different people on managing a hardcore financial plan and savings. Instead, even for your retirement plan, we recommend you to start something really small and keep consistent for years. This alone will help you so much that it would outweigh the saving plans and financial management an expert would give you.
Invest in a small business. Invest a fraction of your time and income on a regular basis and forget about the results for a while. Work on it, establish it. This might not give you any value instantly but for sure that will grow over time. All the conventional ways of thinking about your different phases of life have become obsolete. You do have so much liberty to plan a better life given a proper direction.
You may invest in stock, bonds or even property. This is going to provide you with a sense of security. If you do not have many resources you can start a business of your own with very little income. You can go through our articles for the small investment business ideas. The passive income resources can sometimes turn around your fortunes. Have faith and spend little time and resources to make an income while you sleep.
TIP 2- Your health is important: Have a health plan for sure, we totally recommend that but additionally follow a healthy lifestyle. You may buy an expensive health plan and have poor health habits and the health plan would help you live in the hospital. This, again, you will find in every retirement planning blog to save for buying a super expensive health plan but it is better to focus on health too. Incorporate all possible habits of a healthy life.
Eat healthily, avoid alcohol, smoking all other addictive substances. Better not get high in your 30s so you can jog in your 60s. Follow a workout routine, make yourself sweat running at your local park. Do all this for a year and see the change you will have in your life. It is possible to live a healthy post-retirement life. This is not a tip that tells you to spend a lot of money on exercising and healthy food instead it is a saving tip. You may just need a basic health insurance plan and live healthy in your 60s, 70s and afterward.
TIP 3- Keep the factor of inflation in mind: We want you to act like a pro, not like a lazy reactive person who worries about managing things as a reaction. Study the economy often. You do not need to be an economist nor do you need to study complex economic analysis. But you must know the basic economic conditions prevailing in your state. Do have an eye on the inflation trend. This will help you predict many trends of the economy. Inflation will give you an idea of your dollars’ worth in the coming future.
It is highly recommended to manage your finances right, have insurance plans, save and follow all conventional advice. But the point is that you must not let go of the root causes of the future needs by sweeping the real issues under the carpet.